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The commercial banking subsidiary arm of the DFCC Bank, the DFCC Vardhana Bank (DVB) released its interim financial statements for the nine months ended September 30, 2005.

The comparison of the financial indicators shows that the bank has been able to sustain its outstanding growth momentum in the uncertain economic environment midst the increasing interest rates.

At the end of the third quarter of the financial year the loan book has reached Rs.4,200 million, a growth of 55% from the beginning of the year. A growth of 50% was seen in the total assets. The deposit base reached Rs.4,300 million, a growth of 61%.

A comparison of the income statements at the end of the third quarter of this year shows that the bank made a pretax profit of Rs.89.3 million. This is a significant improvement when compared to the accumulated loss of Rs.23.2 million reported as at the end of the third quarter last year. This achievement was facilitated by 177% growth in the interest income, 112% growth in the foreign exchange income and 130% growth in other income.

The DVB recorded a profit (After Tax) of Rs.45.4 million for the nine months ended September 30, 2005. This is an impressive result compared with the loss of Rs.23.2 million recorded in the corresponding period last year. The contribution of the bank towards the government during the year by way of VAT on financial services and other taxes exceeded Rs.27.5 million in addition to normal VAT.

Towards the end of the last quarter, the capital of the bank was increased from Rs.384 million to Rs.884 million as a result of the new capital infusion of Rs.500 million which helped the Bank to increase its single Borrower Exposure limit substantially while moving towards meeting new Central Bank regulation on increased capital.

The Bank is poised for even greater achievements in the future fuelled by new capital and improved technology platform, which is now being installed.

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